Residential Building Warranty for Individual Homes
Buying a new home is one of the biggest investments you will make so it’s important to have a building warranty which protects you both during construction and for 10 years after completion. Our Residential Building Warranty has been designed to cover any type of new development, from individual homes to larger sub-divisions and multiple housing units.
Cover is available where the developer / builder has registered with us. The registration process is simple and straightforward, requiring a short application form and a quality assurance assessment by one of our team of qualified surveyors.
Once registered, any of your projects can be considered for insurance. Either the developer or the builder can complete a project notification form and submit it with plans of the home(s). If accepted, we then issue a building warranty policy.
What we cover under our standard 10 year warranty
- Defects Insurance Period – 2 years
For the 2 years following completion, your developer or builder is responsible for rectifying defects in the property. If he fails to remedy defects in your home for which he is responsible during the 2 year maintenance period we will pay for another builder to carry out the works.
- Structural Latent Defects – 8 years
For a further 8 years from the end of the defects period, we will pay to rectify major structural defects in your property, including weather-tightness issues
Total Indemnity Period from the date of Completion is 10 years and your policy is index-linked
The Limit of Indemnity under sections 3 and 4 of the policy is the Declared Project Value as stated in the policy, adjusted for inflation in accordance with the Statistics New Zealand Residential Building Price Index.
• Costs incurred due to contaminated land
• Costs incurred due to a defect which affects the health & safety of occupants
• 26 weeks’ alternative accommodation if you have to move out for repairs
• Professional fees
• Removal of debris
This is a summary of the cover available and does not form part of any contract.
For full details of the cover applicable to any specific property, it will be necessary to refer to the Policy Document or contact us for advice.